{"id":10503,"date":"2022-09-06T14:54:28","date_gmt":"2022-09-06T14:54:28","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=10503"},"modified":"2022-09-06T14:54:28","modified_gmt":"2022-09-06T14:54:28","slug":"crypto-firm-21-co-raises-25-million-to-value-it-at-2-billion","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/crypto-firm-21-co-raises-25-million-to-value-it-at-2-billion\/","title":{"rendered":"Crypto firm 21.co raises $25 million to value it at $2 billion"},"content":{"rendered":"

Crypto<\/a> firm 21.co raises $25 million to value it at $2 billion. Crypto investment product firm 21.co, the parent of 21Shares, said on Tuesday it had raised $25 million in a funding round led by Marshall Wace that valued the company at $2 billion.<\/p>\n

\u201cWith this round of financing, 21.co will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions,\u201d 21.co said in a statement.<\/p>\n

The post-money valuation makes 21.co \u201cSwitzerland\u2019s largest crypto unicorn\u201d, the company said.<\/p>\n

The funding round comes as cryptocurrencies have fallen dramatically so far this year on US Federal Reserve rate hikes and ultra-high inflation prompts investors to ditch riskier assets.<\/p>\n

Read more:\u00a0Cryptoverse: Bitcoin beats the heat in a jumpin’ July<\/a><\/strong><\/em><\/p>\n

Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners also invested in the funding round.<\/p>\n

The company announced on Tuesday the newly-formed parent 21.co. Its largest subsidiary, 21Shares, is the world\u2019s largest issuer of cryptocurrency exchange-traded products (ETPs) using its proprietary platform Onyx, which is used to issue and operate crypto ETPs for the company and third parties, it said.<\/p>\n

The round was the company\u2019s first in two years. It said it ended 2021 \u201con a nine-figure revenue run rate and has seen sustained inflows, even during down markets\u201d. It said in the year period since September last year, it recorded $650m in net new assets, with assets under management peaking in November 2021 at $3bn.<\/p>\n

\u201cTo support this rapid business growth, 21.co grew its headcount 75 per cent during this period,\u201d it said.<\/p>\n

Last month, 21Shares said it hired Sherif El-Haddad as its head of Middle East, based in Dubai, as part of plans to expand in the region.<\/p>\n

The United Arab Emirates has emerged as a crypto hub as several of the world\u2019s big crypto firms set up in commerce hub Dubai, which is developing regulations for the industry. UAE capital Abu Dhabi already has a regulatory framework for the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto firm 21.co raises $25 million to value it at $2 billion. Crypto investment product firm 21.co, the parent of 21Shares, said on Tuesday it had raised $25 million in a funding round led by Marshall Wace that valued the company at $2 billion. \u201cWith this round of financing, 21.co will continue to drive rapid, […]<\/p>\n","protected":false},"author":8,"featured_media":10504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9],"tags":[6716,422,1117,805,186],"class_list":["post-10503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","tag-crypto","tag-uae","tag-united-arab-emirates","tag-us-federal-reserve","tag-dubai"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/10503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=10503"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/10503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/10504"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=10503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=10503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=10503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}